[WSBAPT] oil & gas leases to be titled in living trust

Sun May 21 16:25:11 PDT 2023

I used to practice in Texas. You can usually get the details of the
property from the local tax assessor's office for the county. With any
luck, the clients do at least know what county it is in.

The biggest challenge with the oil and gas companies is that the smaller
ones often come and go quickly.

Also, clients may own mineral interests that are not leased (not producing
income) and they have forgotten about. It is really common to reserve
mineral interests when selling property in Texas, especially in oil and gas
producing areas. So you may want to do a broader search to make sure
everything gets into the RLT.

On Mon, May 15, 2023 at 12:32 PM Joshua McKarcher <josh at mckarcherlaw.com>
wrote:

> I do everything I can to deed these into an RLT *if* they are *recorded*
> real property interests. If you ask the client to bring you the most recent
> paperwork, payment stub, letter, email, “whatever you have,” then you will
> often get at least one piece of data you need to find a payor in the
> relevant state who can quickly answer the relevant questions.
>
>
>
> The basic job is to determine if this is a *recorded interest* (next
> move: deed into RLT to avoid probate in that state, which will be FAR
> HARDER) or if this is not a recorded interest but simply a *right to
> payment* pursuant to the books and records of some company acting as
> agent or trustee for the person or entity that formally holds the recorded
> real property interest.
>
>
>
> That latter phrase sounds more complicated than it is. In those cases, 90%
> of the time, a visit to a website or a call to the payor’s office reveals
> that the client’s fiduciary *will* one day be able to update the “payee”
> after the interest-holder’s death, without a probate.
>
>
>
> Often in those cases the third party requests a death certificate, a copy
> of a will (please nobody blast me for that; I’m merely reporting *facts*),
> copy of a trust, or other documents made relevant not by their state’s
> probate/trust laws, but by their *contract* with the interest holder, or
> the terms of a *trust* that actually holds the real property interest for
> the benefit of thousands of fractional interest holders.
>
>
>
> So, after many years of noodling with these things, I have found the path
> above to be fairly straightforward:
>
>
>
> 1. Contact the payor if possible to ask “what is this”? (Website, phone
> number, email.)
>
> 2. Is it recorded (and subject to probate)? If yes, deed to trust if at
> all possible, with local counsel. If no, proceed.
>
> 3. Is it subject to probate nonetheless? If yes, deed to trust if at all
> possible, with local counsel.
>
> 4. Is it simply a matter of some company’s books and records being updated
> to their satisfaction pursuant to a contract or trust or other
> non-state-probate-law authority? If yes, then ask them what the process
> will be and act accordingly.
>
>
>
> Hope that helps! Best, Josh
>
>
>
> Joshua D. McKarcher
>
> McKarcher Law PLLC
>
> 537 6th Street
>
> Clarkston, WA 99403
>
> (509) 758-3345
>
> (509) 758-3314 (fax)
>
> josh at mckarcherlaw.com
>
> www.mckarcherlaw.com
>
>
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Doehne, Jen
> *Sent:* Monday, May 15, 2023 11:51 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* Re: [WSBAPT] oil & gas leases to be titled in living trust
>
>
>
> I agree with Heather and would add that I have many clients with a vague
> notion that they receive income from the oil/gas interests but have no idea
> any other details…so there is typically a great deal of research involved
> in these cases and sometimes communication with the correct contact at the
> oil/gas company is also difficult.
>
>
>
> That being said, these clients are pretty much in agreement that they
> would rather deal with it now, rather than have their heirs deal with it
> later…
>
>
>
>
>
> Jen Doehne, Attorney
> Pronouns she/her/hers
>
> 909 A Street, Suite 600 | Tacoma, WA 98402
> phone 253.572.4500 | fax 253.272.5732 | www.eisenhowerlaw.com
>
> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Heather de Vrieze
> *Sent:* Monday, May 15, 2023 11:30 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* Re: [WSBAPT] oil & gas leases to be titled in living trust
>
>
>
> Only cons are costs, as usually it requires hiring Texas counsel and
> preparing and recording deeds, then updating all of the companies paying
> the leases or royalties.
>
>
>
> Heather
>
>
>
> Heather S. de Vrieze
> *Attorney-at-Law*
>
> 3909 California Avenue SW
>
> Seattle, WA 98116-3705
>
> (206)938-5500
>
> heatherd at westseattlelaw.com
>
> www.westseattlelaw.com
>
> *Click here to connect with de Vrieze | Carney on Facebook:   **[image:
> FB Logo]* <https://www.facebook.com/DeVriezeCarney>
>
>
>
> CONFIDENTIAL & PRIVILEGED. This e-mail message may contain legally
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> *From:* wsbapt-bounces at lists.wsbarppt.com <
> wsbapt-bounces at lists.wsbarppt.com> *On Behalf Of *Jenna Brozik
> *Sent:* Monday, May 15, 2023 11:05 AM
> *To:* WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
> *Subject:* [WSBAPT] oil & gas leases to be titled in living trust
>
>
>
> My clients, who are married,  own a couple of Texas oil & gas leases in
> which they receive about $300-$400 in income each year.  They would like to
> title these in the name of their Living Trust.
>
>
>
> Has anyone dealt with these before and titling them in a Living Trust?
> Any cons to doing so?
>
>
>
> Thanks,
>
>
>
> Jenna Brozik
>
> *Managing Attorney*
>
> *PRINZ & BROZIK PLLC*
> 445 S. Grand Avenue
> Pullman, WA 99163
> 509-338-0908 Telephone
> 509-338-3527 Facsimile
>
>
>
>
>
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